1.If sales are $1,026,000 in 2013 and this represents a 14% increase over sales in 2012, what were sales in 2012? (Do not round your intermediate calculations.)
2.Sales are $2.5 million in 2011, $2.6 million in 2012, and $2.4 million in 2013.What is the percentage change from 2011 to 2012? What is the percentage change from 2012 to 2013? Be sure to indicate whether the percentage change is an increase or a decrease. (Round your answers to 1 decimal place.)
3.the Intramural Sports Club reports sales revenue of $550,000. Inventory at both the beginning and end of the year totals $100,000. The inventory turnover ratio for the year is 4.0. What amount of gross profit does the company report in its income statement?